Cyber insurance may create false sense of security - FM Global survey

Insurance Business Magazine | August 01, 2019

New research by FM Global has suggested that cyber insurance may create a false sense of security among senior financial executives at some of the world’s major companies. The FM Global-commissioned study found that seven in 10 senior financial executives at the world’s largest companies believe their insurer would cover most or all of the company losses caused by a cyberattack – despite some losses being nearly impossible to insure. The poll of more than 100 chief financial officers (CFOs) and other senior financial executives showed that 45% of respondents expected their insurer to cover “most” related losses from a cyber security event, while a further 26% expected their carrier to cover “all” related losses. Most of the effects these financial executives expect to experience in a major cybersecurity breach, however, aren’t typically covered by insurance policies, said FM Global. These effects include degradation of the company’s brand/reputation (46%), increased scrutiny from the investment community (40%), decline in revenue/earnings (38%), introduction of regulatory compliance problems (35%), decline in market share (24%), and decline in share price (24%).

Spotlight

In this video, you will see the different tax saving products in which you can invest in. Not only the tax benefit but you will also know the returns you will get in each tax saving product. Share it with your friends, family, customers and colleagues to create awareness.

Spotlight

In this video, you will see the different tax saving products in which you can invest in. Not only the tax benefit but you will also know the returns you will get in each tax saving product. Share it with your friends, family, customers and colleagues to create awareness.

Related News

Majesco Announces Availability of Expanded Capabilities for Majesco Distribution Management Platform

Business Wire | October 07, 2020

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of expanded capabilities for the Majesco Distribution Management platform. The producer experience is vital for insurers to recruit and retain the best agents and brokers to drive growth, commented Manish Shah, President and Chief Product Officer for Majesco. The new version of Majesco Distribution Management is a cloud and digital modern distribution platform built leveraging Majesco Digital1st® Platform and Digital1st® EcoExchange capabilities. The new Majesco Distribution Management platform will empower distributors to rapidly onboard, eliminate time-consuming manual paperwork, view reports and manage their business with mobile-ready, digital self-service tools, making it easy to do business with the insurer.

Read More

INSURANCE TECHNOLOGY

Sapiens' Enhanced Digital Solution Empowers Business Users, Reduces Costs, and Accelerates Time to Market

Sapiens | July 01, 2021

Sapiens International Corporation, a leading global provider of insurance software solutions, announced the availability of two new cloud-native components of its DigitalSuite, a dynamic, digital engagement and enablement platform that helps insurers accelerate their digital transformation: Sapiens Journey and Form Composer. Sapiens Journey & Form Composer, created and developed especially for the insurance market by some of the industry's top digital specialists, can be deployed as a stand-alone solution or as part of a full digital enablement program. Sapiens Journey & Form Composers enable business users to introduce and manage current journeys and workflows and design and build new ones without writing code. Simple drag-and-drop, low-code functionality, and a library of widgets and components enable insurers to cut costs and speed time to market without relying on IT personnel. In addition, the modules are very user-friendly, graphic, clear, and easy to publish. Sapiens Journey Composer allows insurers to digitize their existing journeys to improve every stage of the insurance lifecycle for consumers and internal users. Sapiens Form Composer digitizes documentation and forms, allowing insurers to rapidly change journeys by converting conventional PDFs into new digital formats. Together, they can improve existing client journeys while also developing new ones in new businesses or for new lines of insurance. In addition, the modules provide insurers the tools they need to quickly configure and deploy new products, easily integrate data sources, and eliminate costly IT resources, allowing them to control the process of intuitive journey management and creation fully. Sapiens DigitalSuite's modular, cloud-native components can be connected with insurers' existing technology landscape to build new, digitally native journeys, reinvent consumer experience using new technologies, or cater to new lines of business. Sapiens DigitalSuite's open architecture and seamless connection through advanced APIs, the insight of data-driven business processes, and the agility of a cloud-native environment allow a fast entry into new markets. About Sapiens Sapiens International Corporation enables insurers to thrive in this ever business. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial markets. Sapiens has over 35 years of experience delivering to over 600 companies worldwide, demonstrating a proven ability to meet clients' core systems, data, and digital requirements.

Read More

INSURANCE TECHNOLOGY

CoverEase Helps Businesses Instantly Shop and Save on Business Insurance

CoverEase | March 21, 2022

Today, CoverEase, a digital insurance brokerage, announced the launch of its digital platform that leverages artificial intelligence to automate underwriting, and deliver a simple way to shop, compare, and buy workers' compensation, in 3 minutes. The company has transformed the typical long and complicated process of purchasing business insurance into a lightning-fast, easy, and awesome experience. CoverEase instantly shops the workers' compensation marketplace, and during the same journey, quotes business property and liability, cyber liability, and for California businesses, group health insurance, comparing pricing and coverages from top-rated insurance companies including The Hartford, Travelers, Liberty Mutual, Markel, Berkshire Hathaway Guard, Employers, AmTrust, Anthem, Kaiser Permanente, United HealthCare and Cowbell Cyber, among others. CoverEase's AI-powered, embeddable solution offers a seamless way for its partners to offer business insurance to its customers, at the point of sale, via a browser. We're obsessed with delivering a best-in-class customer experience that makes it easy to shop and save on the insurance that businesses need. CoverEase offers choice and transparency by providing seven different workers' comp quotes along with business, property, cyber liability, and group health quotes within a unified platform. We're uniquely positioned within the digital insurance marketplace to provide instant quotes and best-in-class service with a broad product suite through multiple distribution models." Shawn Edgington, Founder and CEO. CoverEase's digital platform is supported by Coverage Concierges, the company's business insurance experts, who help customers navigate the options and purchase the right insurance at the best price. Start your quotes with CoverEase to explore coverages, tailored to your business. About CoverEase: CoverEase is a digital insurance brokerage that simplifies the way business insurance is quoted and purchased across the United States. CoverEase combines artificial intelligence and broker expertise to instantly quote, and purchase workers' compensation plus other business insurance coverages from top insurance companies. CoverEase, headquartered in Livermore, California, with offices in New York, was built on the same technology that their sister company's pay-go workers' comp agency, E-COMP NOW! has been using and improving for the past 5 years. Both companies were founded by Shawn Marie Edgington.

Read More